Trade turnover with Iran can be increased to up to $1 billion, Armenian prime minister, deputy chairman of ruling Republican Party (RPA) Karen Karapetyan said during RPA’s election campaign in Syunik province.

Parliamentary elections will be held on April 2. Nine parties and blocs running for seats at the National Assembly have already launched their campaigns.

At the meeting supporters on Sunday, March 12, Karapetyan said: “We have a clear understanding of our potential in neighboring countries.”

“The level of trade turnover with Iran is too low, amounting to $50-75 million without the energy sector,” Aravot cited the premier as saying.

“We have a phenomenal growth opportunity here, eying a hike to as much as $1 billion, no matter how pompous the idea may sound.”

Dwelling upon the volume of investment projects, the prime minister said programs worth $55 million are expected to be implemented in Syunik.

Also, negotiations over the relaunch of Kapan airport are underway, Karapetyan added.

“We must make use of the fact that Syunik borders Iran. Talks on establishing a free trade zone in Meghri are currently in final stages,” he said.

The PM further noted that Armenia is negotiating with the Iranian side on creating a special company in the FTZ to promote large-scale exports.